2804 Adams St · Indianapolis city (balance), IN 46218

$115,000

3 bd · 1.0 ba · 1,288 sqft · SingleFamily public records · 2 Days on market

Built 2001 4,704 sqft lot Est $116k · at est.

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +22.0/30.0
• ARV discount +7.9/15.0
• DSCR +7.0/10.0
• 1% rule +6.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! Charming 3-bedroom, 1-bath home situated on a corner lot! This inviting property offers a functional layout with comfortable living spaces, and plenty of potential to make it your own. The corner lot provides extra yard space. Conveniently located near shopping, dining, schools, and major roadways, this home is a fantastic opportunity for homeowners and investors alike. Don't miss your chance to own this great property!

Key facts

• Extra yard space
• Corner lot
• 4,704 sq ft lot

Tags

• CORNER LOT
• EXTRA YARD SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 8.2% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 336 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 43% of the median local income ($38k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
3. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $115,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2804 Adams St	0.00mi	3/1.0	1,288 (0%)	1mo	$115,500	$90	99
2718 N Olney St	0.14mi	3/2.0	1,248 (-3%)	8mo	$179,900	$144	78
2966 N Olney St	0.28mi	2/1.0 (-1)	1,440 (+12%)	9mo	$114,000	$79	55
2970 N Olney St	0.29mi	2/2.0 (-1)	1,440 (+12%)	8mo	$165,000	$115	51
2427 N Rural St	0.47mi	2/2.5 (-1)	1,200 (-7%)	6mo	$150,000	$125	50
2709 Station St	0.34mi	3/2.0	1,478 (+15%)	9mo	$200,000	$135	48
3142 N Gale St	0.50mi	3/1.0	1,104 (-14%)	7mo	$70,000	$63	47
2343 N Rural St	0.53mi	2/1.0 (-1)	1,124 (-13%)	4mo	$60,000	$53	45
2945 N Denny St	0.53mi	3/2.0	1,440 (+12%)	9mo	$160,500	$111	44
2359 N Gale St	0.43mi	4/2.0 (+1)	1,464 (+14%)	8mo	$130,000	$89	41
2925 N Chester Ave	0.60mi	4/1.0 (+1)	1,096 (-15%)	4mo	$52,500	$48	39
3101 N Temple Ave	0.64mi	2/1.0 (-1)	1,440 (+12%)	9mo	$75,000	$52	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-9,857
• Equity at exit: $17,147

10-year hold

• IRR: -2.4%
• Equity multiple: 0.85×
• Total profit: $-4,749
• Equity at exit: $9,943

Cash invested: $32,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 336
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,349 high
• Mortgage (P&I): −$603
• Tax from tax record: −$232 /mo · $2,785/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $182

Break-even live

Break-even rent $1,118

Max offer price $115,000

Occupancy floor 81%

Sensitivity live

Price	-10% $247	-5% $215	+0% $182	+5% $150	+10% $117
Rent	-10% $76	-5% $129	+0% $182	+5% $236	+10% $289
Rate	-1.0pp $240	-0.5pp $212	base $182	+0.5pp $153	+1.0pp $122

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2827 Adams St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	0.04mi
2830 Lasalle St Unit 28 Indianapolis, IN	2.0	1.0	1400	$1,100	$0.79	45d	1	0.07mi
2906 N Lasalle St Indianapolis, IN	4.0	1.0	1032	$950	$0.92	24d	1	0.15mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	19d	1	0.17mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	45d	1	0.21mi
3449 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	0.22mi
3451 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,650	$1.38	45d	1	0.23mi
2826 Station St Indianapolis, IN	3.0	2.0	1248	$1,550	$1.24	45d	1	0.30mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	11d	1	0.31mi
2343 E Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	45d	1	0.41mi
2341 Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	45d	1	0.42mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	45d	1	0.56mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	8d	1	0.59mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	5d	1	0.59mi
2221 Station St Indianapolis, IN	3.0	2.5	1312	$1,600	$1.22	24d	1	0.63mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	24d	1	0.65mi
2819 N Gladstone Ave Indianapolis, IN	4.0	2.0	1261	$1,450	$1.15	45d	1	0.74mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	24d	1	0.79mi
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	24d	1	0.82mi
2616 Caroline Ave Indianapolis, IN	4.0	1.0	1276	$1,300	$1.02	45d	1	0.83mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	0.86mi
4320 E 30th St Indianapolis, IN	3.0	1.5	1152	$1,195	$1.04	24d	1	0.86mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	21d	1	0.89mi
3121 Baltimore Ave Indianapolis, IN	3.0	1.0	1232	$7,865	$6.38	8d	1	0.90mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	45d	1	0.95mi
1938 N Dearborn St Indianapolis, IN	3.0	1.0	1162	$1,400	$1.20	24d	1	0.95mi
2372 Beckwith Dr Indianapolis, IN	4.0	1.0–1.5	779	$1,206	$1.55	3d	32	0.96mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	23d	1	1.00mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	1.01mi
2815 Brookside Ave Indianapolis, IN	3.0	2.0	1120	$1,350	$1.21	11d	1	1.03mi
2822 E 19th St Indianapolis, IN	3.0	2.0	1130	$1,300	$1.15	45d	1	1.05mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	15d	1	1.10mi
3448 Hillside Ave Indianapolis, IN	4.0	1.0	1305	$1,800	$1.38	3d	1	1.16mi
3167 Shick Dr Indianapolis, IN	4.0	1.0	1141	$2,350	$2.06	45d	1	1.16mi
2224 Langley Ave Indianapolis, IN	4.0	2.0	1513	$1,595	$1.05	45d	1	1.23mi
1623 N Rural St Indianapolis, IN	2.0	1.0	1452	$875	$0.60	45d	1	1.26mi
3532 Caroline Ave Indianapolis, IN	4.0	1.0	1177	$2,299	$1.95	45d	1	1.28mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	1.29mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	45d	1	1.30mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	24d	1	1.30mi

Listing history 4 events

1. 2026-05-17
   historical $975
2. 2026-04-27
   status Pending
3. 2026-04-23
   listed $115,000 Active
4. 2026-03-26
   listed $975

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $2,785 · $232/mo
• Projected year-2 tax: $2,785 · $232/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,183
• − Mortgage interest: −$6,442
• − Property taxes: −$2,785
• − Insurance: −$575
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$3,345
• Taxable income: $447
• Est. tax owed @ 24.0%: −$107
• After-tax cash flow: $2,081/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

4 events — show timeline

• 2026-05-17 Rental Removed $975 SHOWMOJO
• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed for Rent $975 SHOWMOJO

Property tax history

+21.9%/yr

Latest (2025): $2,785 · +26.1% YoY. Source: county tax records.